Which of the following is considered by economists to be the most fundamentally scarce?
a. money
b. ideas
c. needs
d. food
e. physical resources
e
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There are two grocery stores in the new neighborhood that you have moved into. Because you did not know which store is better, you decided to go to the one that is relatively crowded. Your behavior is an example of ________
A) herding B) anchoring C) signaling D) sniping
Always There Wireless is wireless monopolist in a rural area. There are 200 customers, each of whom has a monthly demand curve for wireless minutes of Qd = 200 - 100P, where P is the per-minute price in dollars and Q is the number of wireless minutes. The marginal cost of providing the wireless service is $0.25 per minute. If Always There charges $0.50 per minute and the largest fixed fee that it can at that price, what is the difference in total profit compared to when it charges $0.25 per minute and the largest fixed fee that it can at that price?
A. Profit is the same in both cases, and it is equal to zero. B. Profit is the same in both cases, and it is negative. C. Profit is $626 higher at a price of $0.50. D. Profit is $626 higher at a price of $0.25.
If oranges were found to cure cancer,
A) the equilibrium price of apples would likely fall. B) the equilibrium price of oranges would likely increase in the near term. C) the equilibrium quantity of oranges would likely increase. D) All of the above.
If an increase in income results in a rightward parallel shift of the demand curve, then at any given price, the price elasticity of demand will have
A) increased in absolute terms. B) decreased in absolute terms. C) remained unchanged. D) increased, decreased or stayed the same. It cannot be determined.